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Settlement Agreement for Hardy Yards Infrastructure Reimbursement and Property Sale Closure

  • When: 2024/11/14
  • Address: 800 Burnett Street, Houston, TX
  • City: Houston
  • State: Texas
  • Category: Infrastructure Development
  • Asset Class: Land
  • Property Type: Placemaking
  • Size: Approximately 3,800 total units benefiting (including 2,700 at Burnett Street)

The City of Houston approved a settlement agreement involving CRV Hardy Yards, L.P., Reinvestment Zone 21, and Hardy/Near Northside Redevelopment Authority. The settlement addresses outstanding infrastructure reimbursement debts for improvements in the Hardy area, including 800 Burnett Street. The agreement involves a one-time payment of $3,138,536.15 to CRV from property sale proceeds to satisfy part of a larger reimbursement balance. This settlement enables the sale of the property to Harris County for affordable housing development and resolves infrastructure debt tied to Community Development Block Grant - Disaster Recovery funding.

Why it Matters

This settlement facilitates the transfer of a significant property for affordable housing development while resolving complex financial obligations related to infrastructure improvements. It ensures continued development in the Hardy area and addresses housing and community revitalization goals.

Source

Applicant - City of Houston


Ownership - City of Houston, Hardy/Near Northside Redevelopment Authority, and CRV Hardy Yards, L.P.


Developer - CRV Hardy Yards, L.P.


Allowed Uses: Development and infrastructure improvements, including stormwater facilities, sidewalks, traffic signals, utilities, and related site enhancements.